Abu Dhabi's Waha Capital says Q4 net profit tumbles

Abu Dhabi investment firm Waha Capital’s fourth-quarter net profit fell sharply as a provision for investments weighed on earnings, data from the company showed on Monday.

Waha, which owns a stake in New York-listed aircraft leasing firm AerCap Holdings, made a net profit attributable to shareholders of 19.5 million dirhams ($5.3 million) in the three months to Dec. 31.

That compared with 121.0 million dirhams in the fourth quarter of 2015. A one-off provision for changes in valuations of some principal investments drove profit lower, the company said without elaborating.

Waha made a full-year profit of 407 million dirhams, down 30.7 percent from 2015, the statement said.

Total income from the principal investments division, which includes portfolio companies AerCap, Dunia Group, Waha Land, Stanford Marine Group, MENA Infrastructure Fund and National Petroleum Services, fell 21 percent to 514.4 million dirhams.